Wednesday, April 7, 2010 as of 11:14 AM ET
Sales of newly built homes in the U.
S. grew faster than expected in April and home prices posted a solid gain the prior month, adding to the increasing momentum for the long-struggling sector.New single-family home sales rose 3.3% from March to a seasonally adjusted annual rate of 343,000, the Commerce Department said Wednesday. That rate was better than the 335,000 pace economists surveyed by Dow Jones Newswires had forecast and 9.9% higher than a year earlier.Meanwhile, home prices rose 1.8% on a seasonally adjusted basis in March from a month earlier, according to the Federal Housing Finance Agency's monthly home-price index.The "reports add to the steady flow of positive news on the housing market, underscoring that this beleaguered sector may finally be turning an important corner," said Millan Mulraine, an analyst with TD Securities USA LLC.Still, the pace of April new-home sales was far below historical levels. Since 1963, an average of 671,000 new single-family homes were sold ...
FBN's Robert Gray breaks down afternoon market news.
FBN's Dagen McDowell breaks down late-morning market news
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